AMP snaps up Pendal executive

AMP has appointed Stuart Eliot as head of portfolio management for its multi-asset group, effective April 2022.

Working closely with AMP's Chief Investment Officer, Anna Shelley, Eliot will oversee portfolio construction and asset allocation across the group's investment portfolio.

Eliot joins from Pendal Group, where he was senior portfolio manager, multi-asset investments since 2016.

Before that, he was portfolio manager, diversified funds for eight years.

In these roles, he was responsible for portfolio construction, asset allocation, portfolio monitoring, and investment research, focussing on responsible investing.

Before joining Pendal, Stuart held senior investment banking and research roles at UBS.

His hire follows other recent appointments,  including Gavin Mork and Duy To as head of private markets and public markets, respectively.

Eliot replaces Darren Beesley, who left AMP Capital as head of portfolio management last October to become a partner at Evidentia Group.

AMP's investment chief Anna Shelley said Stuart is a key addition to the multi-asset group.

She noted the transfer of the multi-asset investment team from AMP Capital to AMP's wealth management business.

"We have a strong team in place, focused on delivering high-quality products and strong investment outcomes for clients, including for AMP's almost one million super members," she added.

With around $104.8 billion in multi-asset funds under management, the multi-asset team is responsible for investment management for institutional clients and AMP's superannuation funds, including its MySuper Lifecycle options.

The multi-asset group delivered investment returns of around 23.8 percent for MySuper members last financial year.